LAS VEGAS (KLAS) — Prices of condos and townhomes in Las Vegas hit an all-time high in August while single-family homes dropped slightly, according to a report from Las Vegas Realtors (LVR).
Shooting up $13,500 in just a month, the median price for condos increased to $287,000 — $2,000 higher than the previous record from May 2022.
Single-family homes dropped by a little more than $2,500 to a median price of $447,435 in August.
“Homes prices haven’t changed much lately,” Lee Barrett, president of LVR, said in Wednesday’s report. “As for the record price for condos and townhomes, I attribute that to the demand for lower-priced housing options exceeding our supply. Mortgage rates are obviously a factor. But as we’ve been saying all year, the biggest challenge we face in the local housing market is a very tight housing supply.”
LVR figures are released each month summarizing sales through the organization’s Multiple Listing Service (MLS). The report covers only existing homes, not sales of newly built homes or sold by the owner. The median price is the one in the middle — half are higher and half are lower.
Barrett said a persistently tight housing supply and recently rising mortgage interest rates continue to shape the market.
Comparisons to last August show single-family homes are down 0.6%, while condos/townhomes are 8.3% higher. Last year at this time, home prices were falling from an all-time peak in May, on their way to losing 11.8% of their value by December. Since then, prices have come back about 5.3%.
LVR reported a total of 2,649 existing local homes, condos and townhomes sold in August. Compared to August 2022, sales were up 0.3% for homes and up 4.7% for condos and townhomes.
Less than a two-month supply of properties are available for sale, LVR said. Last year at this time, Southern Nevada had more than a three-month housing supply.
Investors appear to be less active in the Las Vegas market, with only about a quarter of all sales as cash transactions.
